Taxing inheritance is just about the biggest load of horse shit in existence. There is zero justification. It's the handing off of the family torch. The government has NO fucking right to any portion of it. The money was already fucking taxed when it was earned the first time. There's no reason to double dip.
Hell, so is sales tax. You're already taxed when you get the money, why the fuck does it get taxed AGAIN when you buy shit? The government would be much more careful about wasting funds if they didn't get away with just this constant absurd flow from bleeding people dry.
So, let me get this straight. The rest of society funds everything for families, so they can then hoard that wealth from everyone else, with no hint of irony about their own parasitism?
There is no such thing as "Hoarding Wealth", that's communist speak. It's the voice of envy.
Just because one person has more doesn't mean anyone else has less due to that.
A thriving economy isn't a zero-sum game where one person's gain must equal another's loss, because wealth, goods, and services can be created.
It's not envy. We fucking funded the existence of the children they couldn't afford to have. At the very fucking least, they should pay back society.
But it is a zero sum game. Taxes are increased in targeted ways to attack those without families, on the demand of those with families. It stopped being fair when they started deliberately targeting us out of spite. Now we deserve a refund.
I don't know what pot you're smoking, but everything in my life has been taxed. I do enjoy some public benefits like parks and roads, but the cost of upkeep for those is a fraction of a percent of what I've paid into the feds.
So, it's not just inheritance tax that is the problem. When my grandpa needed to go into a home, the home tried to steal my grandmas house. They got angry she wouldn't sign anything without another person with her. They tried to convince her that the home she was living in, and had her name on the deed since it was purchased wasn't hers.
That's not even inheriting a home. That was her fucking house, and the homes for elder care have policies and procedures to steal the houses of spouses. The laws are on their side with Medicare. To keep anything it has to be given away YEARS before the elderly person revive a care or the government will claw it back. This goes for homes, and money.
>Inherit family business
>Has more than $14m in assets on paper
>Government demands 40%
>Forces you to sell the business to pay them
This is the main problem with inheritance taxes. They're a way of transferring wealth from the people who built it to the corporate donors of the politicians who won't abolish them.
Yeah. I've got mixed feelings on it. On one hand, you should be able to pass down what you make to your children. It rewards merit because providing for your family is a powerful incentive. But on the other hand, it's removes merit-based rewards for their descendants. I resolve the disagreement by considering that the government has no business making a decision about that question one way or another.
Besides the rich billionaire you talk about dodges this shit anyway He'd put the ownership of the $2b of stocks in a trust or foundation or something and then just appoint the beneficiary as the CEO. "No money changed hands, someone else is just running this entity now."
The premise here is not letting home values go down. It literally doesn't matter where it's set in that circumstance because you will get there anyway under that premise.
It's the one way the stupid family losers pay back society. No. It should be increased to 50% in accordance with the burden families are on the superior single and childless.
If we locked inheritance tax to be at the percentage of welfare expenditure that goes to families, it would force either change or higher tax revenues from a parasite class.
haha man, you sound exactly like some B-movie villain. have you thought about auditioning at any studios? you can be the scrappy anti-natalist terrorist who kills people because "they're the children of evil" or something like that. sorta like this guy!
And despite the fact I cut all my ties earlier this year, I will still have paid more taxes than you.
You don't seem to understand...you only won because you lied about what you support. Everyone can now see what you are and you're going to get destroyed in the midterms.
Do you know how I know that your side is worried about that? Because you're talking about sending out $2000 checks.
Who the fuck cares about wealth? Unless you’re borrowing against it or other very specific circumstances, wealth means nothing.
Generally the price of homes only matters to first time buyers. If you’re moving to a new home then price doesn’t because if prices are up, you pay more but you also sell for more so it’s a wash.
He doesn’t want to bring real estate prices down because it’ll hurt his and his buddies tax shenanigans that are only available to the rich
I care because my family situation is different from what it was 11 years ago when I bought my house. Trouble is, houses like I would upgrade to have appreciated much faster than what my starter home has, and we are single income, so I am stuck too.
Don't get me wrong, I'm thankful I'm on the bottom rung of the home ladder, but it would be nice to get a different layout and lot style than my current that doesn't meet my needs quite so well.
That was a big catalyst after the 2008 mess. I bought my first house in 2010 and there were loads of short sale houses where the mortgage was quite underwater so they'd negotiate to essentially let the bank do the deal and walk away without foreclosure.
A negative to this is as someone who had already had my mortgage even halfway through underwriting to essentially be as much approved as possible without having chosen a house, the banks would still take quick close lowball cash offers. Which of course drove homes away from a first time buyer like myself to investors and speculators. I lost two that I put offers on both of which to smaller cash offers. I gave up on short sales after that and just bought from a seller.
If you can't tell from my tone of this or my other long rant, I fucking hate banks/lenders and it's my mission to make sure they get as little as possible from me.
I can’t speak for every local govt but it typically doesn’t work like that. Taxes are based on a millage rate. For example, my county did a reassessment of all the houses in the county. Home values have ~doubled since the last assessment but our taxes stayed roughly the same because they just change the millage rate.
If local govts got more money when real estate prices rise, they’d be swimming in money. But they propose and pass a budget. The only reason your taxes will rise is because their budget became bigger, not because real estate values changed
Last time housing prices went down, there ended up being a lot of people who owed more on their houses than those houses were worth. The banks took their houses, sold them at firesale prices, and then went after the former owners (who were now renters) for the rest of what they owed.
There were several different issues at play there. Being underwater on your mortgage isn’t great but it won’t make the bank repossess it. You have to stop paying your mortgage for that to happen.
That happened in most cases because they had variable rate mortgages. When interest rates skyrocketed, so did people’s monthly payments which made them unable to afford them.
The real lesson for consumers was to never get variable rate loans, always lock in that interest rate, you can always refinance later if interest rates go down
Whats really stupid is most game devs understand this is why you have to implement power creep because how else are new players supposed to compete against years of hoarded wealth. But what the fuck does the $$ value matter if you are living in your home until you die, it only matters if you sell or borrow against it oh
It's funny because you bring up an excellent point. Games where new players can't possibly catch up to old players because of wealth hording are no fun. Real life is the same way.
The key though is lower birth rates. Families without wealth shouldn't be having kids and that's the direction we naturally would have went in had it not been for immigrants.
This is just another example of why immigration is a terrible thing.
Immigration enriches the corpos and gives the politicians like Trump a voting base. It also has the added benefit of diluting European countries into oblivion.
He's asking millennials and zoomers to hang him out to dry in the midterms. I say we oblige him. Between this and his rolling out the red carpet for street shitters he deserves every sham impeachment that's coming to him.
Worse, the boomers want to get a reverse mortgage so they can spend all that equity before they die instead of building generational wealth in the family like all the previous generations did.
Right now the largest transfer of wealth in this nation's history is going on from the Boomer generation to the Silent Generation and Millennials.
Boomers built the largest chunk of generational wealth this nation has ever seen, more than any other generation before it, and they are passing it on now.
Most of what you believe to be happening is the exact opposite of reality.
If your own parents were unable to or deliberately never built any wealth and you're bitter about it doesn't mean the parents of tens of millions of others did not.
This does not even help home-owners, that is, if you own one home. If you sell your home, either you're going to rent or you're going to buy a new one. Both are dependent on the price of homes.
Ideally, homes would be as cheap as possible. The only people who would suffer are those who took out crazy-high loans to buy artificially price inflated homes.
He's right, a lot of what is holding the prices up is people being that concerned with their housing prices going down. I had rentals and honestly I got out of that business. There's a little money to be made I just didn't want to do it anymore. I'm starting to change my tone that a house should be something you buy to live in and to own not some big deal about net worth. I don't even know what my house value has done in the last year. I don't really care. If it goes down then I still live in it, if it goes up, I still live in it. Too many worry about less-liquid property values. If I'm not planning to turn it into cash, why do I care? Net worth is a number on paper. If things turn to shit no one will look at net worth but tangible assets. Knowing that the foreclosure man or the repo man is not on the way, whether my property value is $20 or $20M. Of course you can't avoid the tax man.
Side note on housing, what I find really irritating is the ones who do buy houses they can be had for cheap in some red places. I can think of specifically one development I know of in the low 200s for new houses. Yeah they are pretty cost cut, but I mean it's still a house. Starter houses and stick houses have been a thing for decades. Maybe 10% even attempt to take care of them at all. What the hell? You actually get past all these issues and then let your house turn to shit?
Most cities with cheap housing have no romantic prospects for young people and no job prospects so hardly anyone goes there. The people that do tend to be pretty low quality on average which is why they "don't take care" of the houses.
What's the black population of these cheap areas? I think there's a direct correlation between percentage of non-Whites and cheap housing which will also correlate to lack of care for housing.
The one I was talking about specifically was outskirts of Oklahoma City in a generally nice area, but I do suspect there's more blacks in the cheap development.
I'm not sure how jobs and romance is there. Jobs probably as good as anywhere else that size. Romance is a really tricky one just because that's either turned into online or "I need to go get some bitches at da club and sheet." A lot of the people I know in cheaper parts of the country (even smaller towns) grew up there. No one will move there and particularly for a young person from a big city, they'd just bitch about it the whole time anyway because they have no understanding of that lifestyle. It's very hard to get into the closed society of a small town if you hate everything about everyone there.
I tried the move to a small town thing. I had a good job making close to $150k and bought a 3 bedroom /w attached garage house for $250k. Really nice yard.
I moved within 1.5 years because it was impossible to make friends or meet people. No one went out. Everyone knew everyone already. All the smartest people from the town moved to the big city for university when they graduated high school then never came back. Everyone else was already married or was a single mother. I got the sense I wasn't welcome and was distrusted. A couple people told me something to the effect of: "what's wrong with you moving here?" because in their mind, anyone of quality wouldn't be stuck in their town. I ended up in 3 bar fights within a year just because the locals didn't like me because I stuck out like a well-to-do city guy and they were all depressed that they were too stupid to get out of their shit town and were stuck there for life.
Most young people are in bigger centers with high costs of living because these areas are superior, that's why the cost of living is so high there (generally).
Yeah I can't argue, it's an uphill climb. I live in one but I'm an hour from the city and I keep to myself. People around know me but that's about it. I'm also not young and trying to build a life. That would be difficult. I don't stick out that much either, but I've got enough country credentials from the past to shut any of that up.
I do think there's still some places (like the aforementioned OKC) that could work, but they are few and far between.
I've very much taken the approach that was perhaps different from my past mindset is to get to the family building stuff early and young. The ones you want aren't waiting around and by the time you're 30 in the big city women have gone from "mother of your children" to "getting some pussy". Maybe I'm right or wrong on that, hell I don't know. I've long since moved on.
I'm going to be single the rest of my life. I think the truth of that is that is if you haven't found someone by 25yo (on average), it's game over. It's worse in smaller areas though. If you didn't go to high school there, you basically have 0 shot. Any woman who'd make a pass on you as a newcomer has a reason for being single and it won't be a good one. But the fact of the matter is there hardly are any to begin with.
The thing is, I, like most guys, still enjoy the idea of fucking girls from time to time without traveling to Thailand or Columbia and you have a much higher chance of that in the bigger cities. Some guys don't care and perhaps the life of solitude in the smaller, cheaper areas suits them but it's definitely not for everyone and hardly a solution for many.
Give every man a 100 pound, hot, obedient, 20yo sex goddess who'll follow them around anywhere they move to and you'd probably find a lot more people trying the cheaper areas to live but they're very boring and depressing to most people because of how solitary of a lifestyle they are. There's no "hope" in these areas. You exist to go to work, pay your taxes and never get anything you want out of life. That's what you're admitting to yourself when you go there. Might as well commit suicide (for some) at that point.
Yeah I'm definitely the latter life of solitude category. I've always been that way though, but it's set in a lot more in the 40s. Just a personality trait. I'm hardly a hermit though, I have friends, family, business acquaintances, etc. Just not a woman.
I don't know how I'd do as an outgoing social person in such a place and I struggle to relate to that at times anyway. It's very much a hindsight is 20/20 thing but all my advice to the younger people I know is figure it out early. That's counter to what almost everyone else tells them with the whole figure your life out and go to college and shit before you even think about it, but I've never been one to go with the popular train of thought anyway.
I don't remember "you have tons of time, don't worry about it" ever being a thing that was truly told to young people for very long. I doubt young people even think like this. Most young people I talk to are upset they don't have everything now and feel life is race they're losing and it was like that when I was young too. That's probably where the "whoa, slow down" idea originated from because in some sense, some young people were putting too much pressure on themselves.
The problem in today's world is you can't just snap your fingers and have everything figured out. Some people simply will never get what they want in life no matter how "figured out" they have got things because a lot of the problems facing people today are, especially young people, are systemic.
A guy might have his whole life figured out at 18 years old. He's going to go to college, meet a woman, have kids, get a good job, buy a house, settle down, live happily ever after. Then he starts his journey and absolutely nothing goes as planned despite his effort. University didn't let him into the program because he get knocked for a diversity spot. Every woman he met just wanted to sleep around and didn't want kids. The only women that wanted what he wanted were fat and ugly so he passed. Before long he's got 50 different women under his belt, he's in a completely different career path and he can't advance his career either because H1Bs are taking over the industry. Before he knows it he's in his 30s, single, no house, no great career and has moved around 5 different times to different cities hoping for greener pastures but can't find it. You can tell young people to "figure it out early" as much as you want but some problems can't be solved even if you've figured things out because of the nature of our society.
If everyone's housing price goes down, its literally more affordable for everyone. Say your house price is cut in half, so is everyone else's. Property taxes go down. Interest stolen from workers goes down.
He really is just running the country as a business. First term, ineffectual. Second term, selling out the entire company to India/Israel for his good goy dollars.
It's been a known problem for a few years. The high end houses were the first houses that no one could afford to buy. Which had newspapers writing articles. Basically, if you own something of value that no one can afford to buy, do you own anything of value?
The problem is airbnb's helped caused this problem, so a whole lot of people think this is just an airbnb problem.
Well, Trump pushing out so many illegals has already lowered rents in some cities & probably will do the same for houses too.
It is bad if you lose value on your house, but ever-rising prices are not a good idea either. Just leave the market alone! Note: Canada's markets are government regulated to the Nth degree, then they wonder why no one wants to build new housing/rentals here.
As a homeowner, this has got to be one of Trump's stupidest takes. a primary residence is not a monetary investment, it is a home. if your primary residence fluctuates in value, it's because the rest of homes out there are also fluctuating in value. the more inflated the housing market becomes, the more the price disparity between homes is, and therefore the less the buying power of any families looking to move.
unless a family is looking to sell their house for cash so they can live on the street, deflating the housing economy is still a net gain.
The actual reason this is stupid is because the value of your house isn't really the market value, it's the use value. If you own two houses then the rental and resale values are relevant, but the only way to take advantage of inflated prices on your first house is if you're downsizing - otherwise the extra money you made on the sale becomes extra money to pay for your new house.
Then abolish inheritance taxes so that people can actually pass things on to their descendants.
Taxing inheritance is just about the biggest load of horse shit in existence. There is zero justification. It's the handing off of the family torch. The government has NO fucking right to any portion of it. The money was already fucking taxed when it was earned the first time. There's no reason to double dip.
Hell, so is sales tax. You're already taxed when you get the money, why the fuck does it get taxed AGAIN when you buy shit? The government would be much more careful about wasting funds if they didn't get away with just this constant absurd flow from bleeding people dry.
Maybe not even taxed once, multiple times, in different jurisdictions
unfortunately they wouldn't be more careful about funds. they were just print more, which is stealing from the rest of us in a roundabout way.
what really needs to happen is 90% of government institutions need to be gutted, it's way more bloated than it was ever meant to be.
To be slightly more specific, bleeding productive people dry.
Greed. Nothing but. Govt and Greed are like eggs and bacon.
So, let me get this straight. The rest of society funds everything for families, so they can then hoard that wealth from everyone else, with no hint of irony about their own parasitism?
Yea but I’m not entitled to someone’s wealth. If somebody wants to pass on money to children then fine.
But they seem to think they're entitled to ours, with their constant push to tax us higher because we don't have kids.
Why the fuck should we just take it? We should declare them our enemy and unite to get back what's ours.
There is no such thing as "Hoarding Wealth", that's communist speak. It's the voice of envy.
Just because one person has more doesn't mean anyone else has less due to that. A thriving economy isn't a zero-sum game where one person's gain must equal another's loss, because wealth, goods, and services can be created.
It's not envy. We fucking funded the existence of the children they couldn't afford to have. At the very fucking least, they should pay back society.
But it is a zero sum game. Taxes are increased in targeted ways to attack those without families, on the demand of those with families. It stopped being fair when they started deliberately targeting us out of spite. Now we deserve a refund.
None of what you describes is part of a zero-sum economic policy. and you fundamentally don't understand how tax policies and subsidies work.
RealWildRanter alt.
It's not literally zero sum, but it might as well be. The more families expand, the bigger the burden on the rest of us.
I don't know what pot you're smoking, but everything in my life has been taxed. I do enjoy some public benefits like parks and roads, but the cost of upkeep for those is a fraction of a percent of what I've paid into the feds.
Families are around 50% of the total welfare burden.
Why do we have to fund people having kids they can't afford?
They will abolish inheritance taxes as soon as they’ve finished redistributing all the wealth from whites to nons.
According to my quick googling, you start paying inheritance taxes from the moment you inherit 14 million dollars. That's several homes.
So, it's not just inheritance tax that is the problem. When my grandpa needed to go into a home, the home tried to steal my grandmas house. They got angry she wouldn't sign anything without another person with her. They tried to convince her that the home she was living in, and had her name on the deed since it was purchased wasn't hers.
That's not even inheriting a home. That was her fucking house, and the homes for elder care have policies and procedures to steal the houses of spouses. The laws are on their side with Medicare. To keep anything it has to be given away YEARS before the elderly person revive a care or the government will claw it back. This goes for homes, and money.
Doesn't matter
Why? The guy suggested that inheritance taxes are 'preventing' people from passing things to their descendants.
Gotta admire the hustle of the very wealthy, who persuaded common people to become 'allies' to them the way leftists are to blacks and trannies.
Id rather it not go to the government to support niggers and spics
And You have to understand that $14MM is not as much as it used to be
Rest assured that the support for "niggers and spics" is as sacrosanct as the Pentagon budget.
Ever heard of fiscal drag? You should, you live near the UK.
An astronomical figure is eligible for tax in 1950.
By 2000 everyone is earning that much, and the tax isn’t adjusted or going away.
That’s inheritance taxes by 2050.
So basically inflation increasing your taxes? Aren't they indexed?
No, and that’s the point.
>Inherit family business
>Has more than $14m in assets on paper
>Government demands 40%
>Forces you to sell the business to pay them
This is the main problem with inheritance taxes. They're a way of transferring wealth from the people who built it to the corporate donors of the politicians who won't abolish them.
That is a problem. That said, I don't sympathize much with a filthy rich billionaire banker who has $2 billion in liquid stocks.
Yeah. I've got mixed feelings on it. On one hand, you should be able to pass down what you make to your children. It rewards merit because providing for your family is a powerful incentive. But on the other hand, it's removes merit-based rewards for their descendants. I resolve the disagreement by considering that the government has no business making a decision about that question one way or another.
Besides the rich billionaire you talk about dodges this shit anyway He'd put the ownership of the $2b of stocks in a trust or foundation or something and then just appoint the beneficiary as the CEO. "No money changed hands, someone else is just running this entity now."
Did you not bother reading the title of the post?
The premise here is not letting home values go down. It literally doesn't matter where it's set in that circumstance because you will get there anyway under that premise.
I read it as you endorsing standard GOPe dogma with Trump's latest ravings as a justification. I'm glad if I was wrong about that.
It's the one way the stupid family losers pay back society. No. It should be increased to 50% in accordance with the burden families are on the superior single and childless.
If we locked inheritance tax to be at the percentage of welfare expenditure that goes to families, it would force either change or higher tax revenues from a parasite class.
haha man, you sound exactly like some B-movie villain. have you thought about auditioning at any studios? you can be the scrappy anti-natalist terrorist who kills people because "they're the children of evil" or something like that. sorta like this guy!
He should become a stand-up comedian.
Woman want to kill me.
[laughter]
No, I'm serious. They are.
[laughter]
Remember when there was a virus created by women to kill men, and then women created a vaccine to kill more men?
[laughter]
Yeah, that's why I call them the Enemy Gender or the Nazi Gender. Their lives are consumed by trying to kill men.
[standing ovation']
He's moved on from women to his ultimate goal of stopping whites from having kids
Nah.
You don't have the power to determine that. You're going to be a lame duck government signing worthless EOs.
That's hilarious coming from a foreigner lol. Of the two of us you have zero say in this.
And despite the fact I cut all my ties earlier this year, I will still have paid more taxes than you.
You don't seem to understand...you only won because you lied about what you support. Everyone can now see what you are and you're going to get destroyed in the midterms.
Do you know how I know that your side is worried about that? Because you're talking about sending out $2000 checks.
Why are you still alive?
And yet, that's still not even close to true.
Step 1 - print infinite $
Step 2 - restrict property development
asset prices rise forever depriving young people of a family
Who the fuck cares about wealth? Unless you’re borrowing against it or other very specific circumstances, wealth means nothing.
Generally the price of homes only matters to first time buyers. If you’re moving to a new home then price doesn’t because if prices are up, you pay more but you also sell for more so it’s a wash.
He doesn’t want to bring real estate prices down because it’ll hurt his and his buddies tax shenanigans that are only available to the rich
Yeah, that's my read too. Only people who own tons of property really care about home prices.
I care because my family situation is different from what it was 11 years ago when I bought my house. Trouble is, houses like I would upgrade to have appreciated much faster than what my starter home has, and we are single income, so I am stuck too.
Don't get me wrong, I'm thankful I'm on the bottom rung of the home ladder, but it would be nice to get a different layout and lot style than my current that doesn't meet my needs quite so well.
True, I mean care in "that" way
If you want to move to a new home but your mortgage is underwater then it kind of matters.
That was a big catalyst after the 2008 mess. I bought my first house in 2010 and there were loads of short sale houses where the mortgage was quite underwater so they'd negotiate to essentially let the bank do the deal and walk away without foreclosure.
A negative to this is as someone who had already had my mortgage even halfway through underwriting to essentially be as much approved as possible without having chosen a house, the banks would still take quick close lowball cash offers. Which of course drove homes away from a first time buyer like myself to investors and speculators. I lost two that I put offers on both of which to smaller cash offers. I gave up on short sales after that and just bought from a seller.
If you can't tell from my tone of this or my other long rant, I fucking hate banks/lenders and it's my mission to make sure they get as little as possible from me.
Local governments care, because property taxes are based on value. Affordable homes = less government revenue.
I can’t speak for every local govt but it typically doesn’t work like that. Taxes are based on a millage rate. For example, my county did a reassessment of all the houses in the county. Home values have ~doubled since the last assessment but our taxes stayed roughly the same because they just change the millage rate.
If local govts got more money when real estate prices rise, they’d be swimming in money. But they propose and pass a budget. The only reason your taxes will rise is because their budget became bigger, not because real estate values changed
The words of a man who has never faced an emergency.
Last time housing prices went down, there ended up being a lot of people who owed more on their houses than those houses were worth. The banks took their houses, sold them at firesale prices, and then went after the former owners (who were now renters) for the rest of what they owed.
There were several different issues at play there. Being underwater on your mortgage isn’t great but it won’t make the bank repossess it. You have to stop paying your mortgage for that to happen.
That happened in most cases because they had variable rate mortgages. When interest rates skyrocketed, so did people’s monthly payments which made them unable to afford them.
The real lesson for consumers was to never get variable rate loans, always lock in that interest rate, you can always refinance later if interest rates go down
There was also a wave of layoffs around that time, which was another way to get foreclosed.
Whats really stupid is most game devs understand this is why you have to implement power creep because how else are new players supposed to compete against years of hoarded wealth. But what the fuck does the $$ value matter if you are living in your home until you die, it only matters if you sell or borrow against it oh
It's funny because you bring up an excellent point. Games where new players can't possibly catch up to old players because of wealth hording are no fun. Real life is the same way.
The key though is lower birth rates. Families without wealth shouldn't be having kids and that's the direction we naturally would have went in had it not been for immigrants.
This is just another example of why immigration is a terrible thing.
Immigration enriches the corpos and gives the politicians like Trump a voting base. It also has the added benefit of diluting European countries into oblivion.
I do like how Trump is honest. I've been saying for almost a decade that politicians have no desire to bring housing prices down.
He's asking millennials and zoomers to hang him out to dry in the midterms. I say we oblige him. Between this and his rolling out the red carpet for street shitters he deserves every sham impeachment that's coming to him.
haha.. I'm the opposite.. it's fun to give the loud mouth losers the power they say they want.. when they get it.. they have no clue what to do.
I'm tired of fake congressional fights while billions get siphoned by somali fraudsters. What's the fucking point?
The Somalis? Lol
The fkn do boomers who already paid off their final home care about home value for?
So fk the younger generation because boomers want to die with a high net worth?
Worse, the boomers want to get a reverse mortgage so they can spend all that equity before they die instead of building generational wealth in the family like all the previous generations did.
Right now the largest transfer of wealth in this nation's history is going on from the Boomer generation to the Silent Generation and Millennials.
Boomers built the largest chunk of generational wealth this nation has ever seen, more than any other generation before it, and they are passing it on now.
Most of what you believe to be happening is the exact opposite of reality.
If your own parents were unable to or deliberately never built any wealth and you're bitter about it doesn't mean the parents of tens of millions of others did not.
And one more thing...no one owes you anything.
Your parent's money is not your money.
You didn't earn it. They did.
This does not even help home-owners, that is, if you own one home. If you sell your home, either you're going to rent or you're going to buy a new one. Both are dependent on the price of homes.
Ideally, homes would be as cheap as possible. The only people who would suffer are those who took out crazy-high loans to buy artificially price inflated homes.
It's all kabuki theater to make the boomers feel smug & rich on paper.
He's right, a lot of what is holding the prices up is people being that concerned with their housing prices going down. I had rentals and honestly I got out of that business. There's a little money to be made I just didn't want to do it anymore. I'm starting to change my tone that a house should be something you buy to live in and to own not some big deal about net worth. I don't even know what my house value has done in the last year. I don't really care. If it goes down then I still live in it, if it goes up, I still live in it. Too many worry about less-liquid property values. If I'm not planning to turn it into cash, why do I care? Net worth is a number on paper. If things turn to shit no one will look at net worth but tangible assets. Knowing that the foreclosure man or the repo man is not on the way, whether my property value is $20 or $20M. Of course you can't avoid the tax man.
Side note on housing, what I find really irritating is the ones who do buy houses they can be had for cheap in some red places. I can think of specifically one development I know of in the low 200s for new houses. Yeah they are pretty cost cut, but I mean it's still a house. Starter houses and stick houses have been a thing for decades. Maybe 10% even attempt to take care of them at all. What the hell? You actually get past all these issues and then let your house turn to shit?
Young people follow jobs and romance.
Most cities with cheap housing have no romantic prospects for young people and no job prospects so hardly anyone goes there. The people that do tend to be pretty low quality on average which is why they "don't take care" of the houses.
What's the black population of these cheap areas? I think there's a direct correlation between percentage of non-Whites and cheap housing which will also correlate to lack of care for housing.
The one I was talking about specifically was outskirts of Oklahoma City in a generally nice area, but I do suspect there's more blacks in the cheap development.
I'm not sure how jobs and romance is there. Jobs probably as good as anywhere else that size. Romance is a really tricky one just because that's either turned into online or "I need to go get some bitches at da club and sheet." A lot of the people I know in cheaper parts of the country (even smaller towns) grew up there. No one will move there and particularly for a young person from a big city, they'd just bitch about it the whole time anyway because they have no understanding of that lifestyle. It's very hard to get into the closed society of a small town if you hate everything about everyone there.
I tried the move to a small town thing. I had a good job making close to $150k and bought a 3 bedroom /w attached garage house for $250k. Really nice yard.
I moved within 1.5 years because it was impossible to make friends or meet people. No one went out. Everyone knew everyone already. All the smartest people from the town moved to the big city for university when they graduated high school then never came back. Everyone else was already married or was a single mother. I got the sense I wasn't welcome and was distrusted. A couple people told me something to the effect of: "what's wrong with you moving here?" because in their mind, anyone of quality wouldn't be stuck in their town. I ended up in 3 bar fights within a year just because the locals didn't like me because I stuck out like a well-to-do city guy and they were all depressed that they were too stupid to get out of their shit town and were stuck there for life.
Most young people are in bigger centers with high costs of living because these areas are superior, that's why the cost of living is so high there (generally).
Yeah I can't argue, it's an uphill climb. I live in one but I'm an hour from the city and I keep to myself. People around know me but that's about it. I'm also not young and trying to build a life. That would be difficult. I don't stick out that much either, but I've got enough country credentials from the past to shut any of that up.
I do think there's still some places (like the aforementioned OKC) that could work, but they are few and far between.
I've very much taken the approach that was perhaps different from my past mindset is to get to the family building stuff early and young. The ones you want aren't waiting around and by the time you're 30 in the big city women have gone from "mother of your children" to "getting some pussy". Maybe I'm right or wrong on that, hell I don't know. I've long since moved on.
I'm going to be single the rest of my life. I think the truth of that is that is if you haven't found someone by 25yo (on average), it's game over. It's worse in smaller areas though. If you didn't go to high school there, you basically have 0 shot. Any woman who'd make a pass on you as a newcomer has a reason for being single and it won't be a good one. But the fact of the matter is there hardly are any to begin with.
The thing is, I, like most guys, still enjoy the idea of fucking girls from time to time without traveling to Thailand or Columbia and you have a much higher chance of that in the bigger cities. Some guys don't care and perhaps the life of solitude in the smaller, cheaper areas suits them but it's definitely not for everyone and hardly a solution for many.
Give every man a 100 pound, hot, obedient, 20yo sex goddess who'll follow them around anywhere they move to and you'd probably find a lot more people trying the cheaper areas to live but they're very boring and depressing to most people because of how solitary of a lifestyle they are. There's no "hope" in these areas. You exist to go to work, pay your taxes and never get anything you want out of life. That's what you're admitting to yourself when you go there. Might as well commit suicide (for some) at that point.
Yeah I'm definitely the latter life of solitude category. I've always been that way though, but it's set in a lot more in the 40s. Just a personality trait. I'm hardly a hermit though, I have friends, family, business acquaintances, etc. Just not a woman.
I don't know how I'd do as an outgoing social person in such a place and I struggle to relate to that at times anyway. It's very much a hindsight is 20/20 thing but all my advice to the younger people I know is figure it out early. That's counter to what almost everyone else tells them with the whole figure your life out and go to college and shit before you even think about it, but I've never been one to go with the popular train of thought anyway.
I don't remember "you have tons of time, don't worry about it" ever being a thing that was truly told to young people for very long. I doubt young people even think like this. Most young people I talk to are upset they don't have everything now and feel life is race they're losing and it was like that when I was young too. That's probably where the "whoa, slow down" idea originated from because in some sense, some young people were putting too much pressure on themselves.
The problem in today's world is you can't just snap your fingers and have everything figured out. Some people simply will never get what they want in life no matter how "figured out" they have got things because a lot of the problems facing people today are, especially young people, are systemic.
A guy might have his whole life figured out at 18 years old. He's going to go to college, meet a woman, have kids, get a good job, buy a house, settle down, live happily ever after. Then he starts his journey and absolutely nothing goes as planned despite his effort. University didn't let him into the program because he get knocked for a diversity spot. Every woman he met just wanted to sleep around and didn't want kids. The only women that wanted what he wanted were fat and ugly so he passed. Before long he's got 50 different women under his belt, he's in a completely different career path and he can't advance his career either because H1Bs are taking over the industry. Before he knows it he's in his 30s, single, no house, no great career and has moved around 5 different times to different cities hoping for greener pastures but can't find it. You can tell young people to "figure it out early" as much as you want but some problems can't be solved even if you've figured things out because of the nature of our society.
tries to download my bank app
"You need Digital ID, anon."
No shit it's cheap. They're speedrunning 1984.
If everyone's housing price goes down, its literally more affordable for everyone. Say your house price is cut in half, so is everyone else's. Property taxes go down. Interest stolen from workers goes down.
He really is just running the country as a business. First term, ineffectual. Second term, selling out the entire company to India/Israel for his good goy dollars.
Are you smoking crack? would be my thoughts.
It's been a known problem for a few years. The high end houses were the first houses that no one could afford to buy. Which had newspapers writing articles. Basically, if you own something of value that no one can afford to buy, do you own anything of value?
The problem is airbnb's helped caused this problem, so a whole lot of people think this is just an airbnb problem.
Well, Trump pushing out so many illegals has already lowered rents in some cities & probably will do the same for houses too.
It is bad if you lose value on your house, but ever-rising prices are not a good idea either. Just leave the market alone! Note: Canada's markets are government regulated to the Nth degree, then they wonder why no one wants to build new housing/rentals here.
As a homeowner, this has got to be one of Trump's stupidest takes. a primary residence is not a monetary investment, it is a home. if your primary residence fluctuates in value, it's because the rest of homes out there are also fluctuating in value. the more inflated the housing market becomes, the more the price disparity between homes is, and therefore the less the buying power of any families looking to move.
unless a family is looking to sell their house for cash so they can live on the street, deflating the housing economy is still a net gain.
Property should NEVER have been a wealth building asset to begin with
#FellForItAgain!
The actual reason this is stupid is because the value of your house isn't really the market value, it's the use value. If you own two houses then the rental and resale values are relevant, but the only way to take advantage of inflated prices on your first house is if you're downsizing - otherwise the extra money you made on the sale becomes extra money to pay for your new house.
Boomers are the worst people.
Then why did the opposite happen? Oh that’s right… government incentive to sell massive farm lands to convert to government assisted housing!